Results 1 to 5 of 5
  1. #1

  2. #2
    ABW Ambassador
    Join Date
    January 18th, 2005
    If you check the thread in sharesale -

    I bring this up. It really is true. All the good will these credit card companies throw around is built on the backs of merchants losing money. And since it is a closed system - the same people you ask to see if a card is stolen, are one seperation away from the people who charge you the chareback if you use a card approved - but yet still fraudulent. MC/VISA have no reason to fix fraud and no real care about it and the fact they have a system that allows it to happen.

    if it cost them money, credit fraud could be stopped in a year.


  3. #3
    This is a part of it.

    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Three merchants have filed suit against Visa, MasterCard American Express and Discover, claiming the credit card companies profit from Internet fraud and do not do all they can to stop it. The suit, which seeks class action status, claims that “merchants have paid virtually all of the costs associated with fraud and theft,” while credit card associations and issuing banks make millions on fraud-related charges. It also alleges the associations use monopoly power to force merchants to sign unfair contracts. <HR></BLOCKQUOTE>

    Farrukh Saeed

  4. #4
    ABW Ambassador Andy's Avatar
    Join Date
    January 18th, 2005
    I'm glad to see that someone has finally taken on the big credit card companies. They spend millions advertising their cards, and what a great lifestyle you can have if you use their card, but the truth is they really don't care about the consumer.

    They charge exorbitant fees and rates, just because they can, thanks to our wonderful elected officials who allow them to get away with it. You have to agree to it, or they close your account.

    They really have no reason to stop fraud, since it's cheaper for them to let a fraudulent transaction occur, then charge the innocent merchant with a chargeback fee before cancelling the card. The fee charged to the merchant covers the cost of replacing the card, closing the account, opening a new account, etc.

    I wish the plaintiffs luck, they're going to need it, and I hope this case causes people to look more closely at what these big banks are doing to them.


    "If you were born to be shot, you'll never be hung." -Unknown

  5. #5
    I like traffic lights
    Join Date
    January 18th, 2005
    Southern hemisphere - away from Fukushima
    Ten bucks says they'll settle. Just like all the fraudsters do.

    Jimmy James Inc. fan club membership # 3312

  6. Newsletter Signup

+ Reply to Thread

Similar Threads

  1. Visa, Amex cut ties with card processor
    By Adam Ward in forum Midnight Cafe'
    Replies: 1
    Last Post: July 21st, 2005, 07:40 AM
  2. Replies: 15
    Last Post: February 19th, 2003, 10:28 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts